Real Estate: Juanita area homes staying on the market longer
The median list price this week for the Kirkland-Juanita area is $500,000 is down from last week’s $520,000. The Market Action Index (MAI see below chart) has been trending down lately, while inventory is climbing and days-on-market are climbing. The trends imply a weakening market.
Supply and Demand
The Juanita real estate market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Again this week in the Juanita area we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute -high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
This Juanita real estate update is brought to you you by Adrian Willanger of Coldwell Banker Danforth. If you are considering selling your home I would be happy to assist you. Give me a call for a free market evaluation of your home’s value. I can be reached at 206 909-7536 or by email at Adrian@adrianwillanger.com